Malaysia legislation
Section 121
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 121
Financial statements of an Islamic self-regulatory organization
(2)
The financial statements shall be audited by an auditor.
Labuan Islamic Financial Services and Securities 125
(3)
Where, in the course of his audit, the auditor of an Islamic self-regulatory organization has reason to believe that—
(a)
there has been a material adverse change in the risks inherent in the business of an Islamic self-regulatory organization with the potential to jeopardize the ability of the Islamic self-regulatory organization to continue as a going concern;
(b)
the Islamic self-regulatory organization may be in contravention of this Act, any regulations made under this Act, any guidelines issued by the Authority or any directions issued by the Authority;
(c)
a financial crime has been, is being or is likely to be committed; or
(d)
serious irregularities have occurred, he shall forthwith report in writing the matter to the Authority.
(4)
Any report made under subsection (3) shall not constitute a breach of the duties of the auditor.
Powers of the Authority with respect to Islamic self-regulatory organization